Family Law Planning and Resources
At Wright Griffin Davis, we've found that our expertise as CPAs makes us uniquely suited to assisting families going through divorce. We can address the range of financial issues that arise during this process, including the following:
Tax Planning
With our knowledge of the tax laws, we can reduce the overall family tax burden, thereby leaving more resources for the family. Since most divorces require supporting two households on incomes that formerly supported a single household, we'll explore issues such as filing status, dependency exemptions, child credits, child care credits, deductible spousal support, and the like.
More sophisticated planning is needed to determine the best way to divide family-owned assets, especially closely held business interests and real estate.
Retirement assets are often the most significant assets owned by the family, and dividing them appropriately merits careful consideration.
Financial Planning
It's often the case that one of the spouses didn't focus on the family's financial matters. Consequently, that spouse is often bewildered by the many financial considerations that divorce entails. We'll work with both spouses to help explain the concepts, develop a budget, and plan a financial future.
Because providing for two households can strain a family’s existing resources, we'll help with cash flow planning and developing a sound budget.
In addition, we'll help plan for specific financial goals such as college savings programs, retirement planning, and more.
Business Valuation
A major part of many divorces is the identification, valuation, and division of closely held business interests. It's a complex process, and it requires thorough and thoughtful analyses of the financial aspects of the business, comparisons to businesses in the same industry, and conclusions as to an appropriate valuation.